The Bitwise's app for the launch of BTC ETFs is extremely unlikely to be approved by the US Securities and Exchange Commission and does not exceed 0.01%, said American lawyer Jake Cherwinski, who specializes in crypto.
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According to him, VanEck and SolidX withdrew the app to launch a Bitcoin-based fund traded on the exchange so that the SEC would not have time to officially refuse them. An appropriate regulation by the regulator would set a precedent complicating the approval of further Bitcoin ETFs.
Bitwise Asset Management opted for the opposite tactics, suggests Cherwinski. Probably, the company is seeking an official refusal by the SEC, which will fix all the regulator’s concerns regarding the market. This will make it possible to further dispel them.